Nan Fung Trinity (hk) Ltd.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 4, 2026), Nan Fung Trinity (hk) Ltd. reported 78 stock positions worth $1.3 billion. Its top holding was iShares MSCI South Korea ETF (EWY) at 7.1% of the portfolio, followed by iShares MSCI Brazil ETF (EWZ, 5.0%) and Amazon.com (AMZN, 3.3%). Compared with Q3 2025, it opened 18 new positions, sold out of 11, added to 32 and reduced 3. The biggest buy was a new position in iShares MBS ETF (MBB) and the biggest sale an exit from SS SPDR S&P Regional Bank (KRE).

Most Recent 13F
Q2 2026
Location
CENTRAL, HONG KONG, K3
CIK
0001781880
Portfolio Value
$1.3B (Q4 2025)
SEC Filing
0001420506-26-000145 ↗ filed Feb 4, 2026

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $432.4M Q1 2024 Q2 2024: $437.9M Q2 2024 Q3 2024: $498.4M Q3 2024 Q4 2024: $489.7M Q4 2024 Q1 2025: $630.5M Q1 2025 Q2 2025: $835.8M Q2 2025 Q3 2025: $1.0B Q3 2025 Q4 2025: $1.3B $1.3B Q4 2025 Q1 2026: $910.6M Q1 2026 Q2 2026: $1.0B Q2 2026

Holdings 78 stocks · $1.3B
EWY iShares MSCI South Korea ETF 7.09% 920,800 $89.5M No change
EWZ iShares MSCI Brazil ETF 5.05% 2,005,000 $63.7M No change
AMZN Amazon.com Inc. 3.34% 182,708 $42.2M Add +15.9%
AMCR Amcor PLC 3.06% 4,630,880 $38.6M No change
NVDA Nvidia Corp. 2.88% 194,640 $36.3M Add +18.6%
BIDU Baidu Inc. - Spon ADR 2.83% 273,721 $35.8M Add +11.1%
AMD Advanced Micro Devices 2.74% 161,700 $34.6M Add +121.5%
MBB iShares MBS ETF 2.63% 349,200 $33.3M New
MSFT Microsoft Corp. 2.50% 65,192 $31.5M Add +49.8%
AMX America Movil Sab DE CV 2.35% 1,433,900 $29.6M No change
KT KT Corp.-SP ADR 2.24% 1,492,440 $28.3M New
PPG PPG Industries Inc. 2.19% 269,534 $27.6M Add +8.6%
INTU Intuit Inc. 2.05% 39,070 $25.9M No change
GEHC GE Healthcare Technology 2.01% 309,000 $25.3M No change
ZM Zoom Communications Inc. 1.95% 285,700 $24.7M No change
APD Air Products & Chemicals Inc. 1.89% 96,680 $23.9M Add +57.7%
IJH iShares Core S&P Midcap ETF 1.88% 359,000 $23.7M No change
EIDO iShares MSCI Indonesia ETF 1.81% 1,221,700 $22.8M Add +94.2%
DHR Danaher Corp. 1.79% 98,600 $22.6M Add +66.8%
THD iShares MSCI Thailand ETF 1.76% 372,900 $22.3M Reduce -12.9%
Z Zillow Group Inc. Class C 1.69% 312,340 $21.3M Add +32.6%
JD Jd.com Inc.-ADR 1.48% 649,700 $18.6M Add +35.2%
JOYY Joyy Inc.-ADR 1.42% 277,700 $18.0M No change
DOW Dow Inc. 1.42% 768,600 $18.0M Add +15.6%
MIRM Mirum Pharmaceuticals Inc. 1.42% 227,479 $18.0M Add +45.6%
FCX Freeport-McMoran Inc. 1.38% 341,700 $17.4M New
UNH Unitedhealth Group Inc. 1.37% 52,435 $17.3M New
CDTX Cidara Therapeutics Inc. 1.35% 77,100 $17.0M New
BRKR Bruker Corp. 1.33% 355,300 $16.7M New
BZ Kanzhun Ltd. - ADR 1.31% 814,000 $16.6M No change
HON Honeywell International Inc. 1.30% 83,900 $16.4M Add +5.4%
PYPL PayPal Holdings Inc. 1.29% 278,700 $16.3M No change
HD Home Depot Inc. 1.28% 46,959 $16.2M New
XHB SS SPDR S&P Homebldrs ETF 1.26% 155,040 $16.0M New
PTGX Protagonist Therapeutics Inc. 1.25% 180,670 $15.8M Add +24.7%
IMNM Immunome Inc. 1.22% 714,553 $15.3M Add +20.7%
ACN Accenture PLC Class A 1.22% 57,200 $15.3M No change
ABVX Abivax SA-ADR 1.21% 113,365 $15.3M Add +11.8%
WBD Warner Bros Discovery Inc. 1.14% 497,266 $14.3M New
MP MP Materials Corp. 1.13% 283,050 $14.3M New
INTC Intel Corp. 1.12% 384,300 $14.2M Reduce -42.2%
ORCL Oracle Corp. 1.01% 65,600 $12.8M Add +20.6%
PDD PDD Holdings Inc. 0.97% 108,100 $12.3M No change
ARE Alexandria Real Estate Equit 0.93% 238,981 $11.7M Add +35.8%
SRRK Scholar Rock Holding Corp. 0.92% 263,245 $11.6M Add +599.3%
TRVI Trevi Therapeutics Inc. 0.91% 917,450 $11.5M Add +924.2%
SVRA Savara Inc. 0.81% 1,688,500 $10.2M New
XENE Xenon Pharmaceuticals Inc. 0.81% 226,965 $10.2M Add +43.1%
META Meta Platforms Inc. Class A 0.79% 15,200 $10.0M New
KURA Kura Oncology Inc. 0.79% 964,880 $10.0M Add +317.9%
AKR Acadia Realty Trust 0.75% 458,100 $9.4M No change
TGT Target Corp. 0.68% 87,300 $8.5M Add +36.4%
BBIO Bridgebio Pharma Inc. 0.67% 110,100 $8.4M New
BXP BXP Inc. 0.65% 121,924 $8.2M Add +33.6%
CELC Celcuity Inc. 0.64% 80,775 $8.1M New
KRC Kilroy Realty Corp. 0.62% 210,800 $7.9M Add +172.3%
PCVX Vaxcyte Inc. 0.52% 142,930 $6.6M Add +37.1%
FRT Federal Realty Invs Trust 0.51% 64,000 $6.5M No change
BCAX Bicara Therapeutics Inc. 0.50% 372,385 $6.3M Reduce -3.3%
SLG SL Green Realty Corp. 0.49% 135,823 $6.2M New
SLNO Soleno Therapeutics Inc. 0.45% 123,850 $5.7M No change
REPL Replimune Group Inc. 0.44% 575,527 $5.6M Add +23.6%
ESRT Empire State Realty Trust-A 0.41% 801,300 $5.2M No change
ABEO Abeona Therapeutics Inc. 0.40% 956,770 $5.0M Add +70.6%
VNO Vornado Realty Trust 0.38% 143,800 $4.8M Add +46.6%
ZLAB Zai Lab Ltd.-ADR 0.38% 269,975 $4.8M No change
BAH Booz Allen Hamilton Holdings 0.33% 49,500 $4.2M No change
AVTX Avalo Therapeutics Inc. 0.27% 189,000 $3.4M New
QURE Uniqure NV 0.22% 115,494 $2.8M New
DOC Healthpeak Properties Inc. 0.21% 165,064 $2.7M New
KALV Kalvista Pharmaceuticals Inc. 0.20% 154,522 $2.5M No change
IDV iShares International Select 0.17% 53,500 $2.1M Add +98.2%
SPYD SS SPDR P S&P 500 Hi Div ETF 0.16% 45,600 $2.0M Add +104.5%
CLYM Climb Bio Inc. 0.15% 463,654 $1.9M No change
GERN Geron Corp. 0.14% 1,373,550 $1.8M No change
DBVT DBV Technologies SA-Spon ADR 0.06% 37,095 $711K No change
RXRX Recursion Pharmaceuticals-A 0.02% 69,323 $284K No change
ALXO Alx Oncology Holdings Inc. 0.00% 41,950 $47K No change

Portfolio Sells Q3 2025 → Q4 2025
KRE SS SPDR S&P Regional Bank Sold out 0.00% −3.36
KBE SS SPDR S&P Bank ETF Sold out 0.00% −2.30
CCK Crown Holdings Inc. Sold out 0.00% −1.60
MRUS Merus NV Sold out 0.00% −1.41
BXSL Blackstone Secured Lending F Sold out 0.00% −1.36
ARCC Ares Capital Corp. Sold out 0.00% −1.23
INTC Intel Corp. Reduce -42.2% 1.12% −1.10
TRML Tourmaline Bio Inc. Sold out 0.00% −1.08
VRNA Verona Pharma Ltd. Sold out 0.00% −0.81
THD iShares MSCI Thailand ETF Reduce -12.9% 1.76% −0.75
AKRO Akero Therapeutics Inc. Sold out 0.00% −0.52
IQ Iqiyi Inc.-ADR Sold out 0.00% −0.46
EXEL Exelixis Inc. Sold out 0.00% −0.14
BCAX Bicara Therapeutics Inc. Reduce -3.3% 0.50% −0.11

Portfolio Buys Q3 2025 → Q4 2025
MBB iShares MBS ETF New 2.63% +2.63
KT KT Corp.-SP ADR New 2.24% +2.24
AMD Advanced Micro Devices Add +121.5% 2.74% +1.56
FCX Freeport-McMoran Inc. New 1.38% +1.38
UNH Unitedhealth Group Inc. New 1.37% +1.37
CDTX Cidara Therapeutics Inc. New 1.35% +1.35
BRKR Bruker Corp. New 1.33% +1.33
HD Home Depot Inc. New 1.28% +1.28
XHB SS SPDR S&P Homebldrs ETF New 1.26% +1.26
WBD Warner Bros Discovery Inc. New 1.14% +1.14
MP MP Materials Corp. New 1.13% +1.13
TRVI Trevi Therapeutics Inc. Add +924.2% 0.91% +0.83
SVRA Savara Inc. New 0.81% +0.81
META Meta Platforms Inc. Class A New 0.79% +0.79
SRRK Scholar Rock Holding Corp. Add +599.3% 0.92% +0.78
EIDO iShares MSCI Indonesia ETF Add +94.2% 1.81% +0.71
BBIO Bridgebio Pharma Inc. New 0.67% +0.67
CELC Celcuity Inc. New 0.64% +0.64
DHR Danaher Corp. Add +66.8% 1.79% +0.62
KURA Kura Oncology Inc. Add +317.9% 0.79% +0.59
IMNM Immunome Inc. Add +20.7% 1.22% +0.52
SLG SL Green Realty Corp. New 0.49% +0.49
ABVX Abivax SA-ADR Add +11.8% 1.21% +0.35
KRC Kilroy Realty Corp. Add +172.3% 0.62% +0.30
PTGX Protagonist Therapeutics Inc. Add +24.7% 1.25% +0.29
MIRM Mirum Pharmaceuticals Inc. Add +45.6% 1.42% +0.28
AVTX Avalo Therapeutics Inc. New 0.27% +0.27
MSFT Microsoft Corp. Add +49.8% 2.50% +0.25
REPL Replimune Group Inc. Add +23.6% 0.44% +0.25
APD Air Products & Chemicals Inc. Add +57.7% 1.89% +0.22
QURE Uniqure NV New 0.22% +0.22
DOC Healthpeak Properties Inc. New 0.21% +0.21
XENE Xenon Pharmaceuticals Inc. Add +43.1% 0.81% +0.17
PCVX Vaxcyte Inc. Add +37.1% 0.52% +0.15
ABEO Abeona Therapeutics Inc. Add +70.6% 0.40% +0.10
TGT Target Corp. Add +36.4% 0.68% +0.10
IDV iShares International Select Add +98.2% 0.17% +0.07
SPYD SS SPDR P S&P 500 Hi Div ETF Add +104.5% 0.16% +0.06
VNO Vornado Realty Trust Add +46.6% 0.38% −0.02
BXP BXP Inc. Add +33.6% 0.65% −0.03
DOW Dow Inc. Add +15.6% 1.42% −0.10
AMZN Amazon.com Inc. Add +15.9% 3.34% −0.11
Z Zillow Group Inc. Class C Add +32.6% 1.69% −0.12
NVDA Nvidia Corp. Add +18.6% 2.88% −0.18
JD Jd.com Inc.-ADR Add +35.2% 1.48% −0.20
HON Honeywell International Inc. Add +5.4% 1.30% −0.38
BIDU Baidu Inc. - Spon ADR Add +11.1% 2.83% −0.41
PPG PPG Industries Inc. Add +8.6% 2.19% −0.41
ORCL Oracle Corp. Add +20.6% 1.01% −0.51
ARE Alexandria Real Estate Equit Add +35.8% 0.93% −0.54

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 55$1.0BAMD, AMCR, PPG, GEHC, NVDA
Q1 2026 62$910.6MAMCR, PPG, KT, NVDA, THD
Q4 2025 78$1.3BEWY, EWZ, AMZN, AMCR, NVDA
Q3 2025 71$1.0BEWY, EWZ, AMCR, AMZN, KRE
Q2 2025 59$835.8MEWY, BIDU, AMCR, KRE, PPG
Q1 2025 39$630.5MEWY, BIDU, EWW, AMCR, KRE
Q4 2024 30$489.7MBIDU, EWY, EMLC, AMCR, T
Q3 2024 24$498.4MBIDU, EMLC, EWY, Z, T
Q2 2024 22$437.9MBIDU, EMLC, THD, Z, AMCR
Q1 2024 26$432.4MBIDU, EMLC, THD, KWEB, IQ